How My 2007 Toyota Corolla Saved Me From Debt

[@justthebrttrk]

My wife and I (29 and 27) also share a similar Corolla (2006 CE, 158k miles). I bought it from my dad for $4500 cash in 2018 with around 80,000 miles. It has worked like a dream, and has never left us stranded anywhere. I do all my own regular maintenance and oil changes. Funnily enough, the car is worth about the same as it was in 2018 🤣 I've updated the sound system, built my own subwoofer, and added sound dampening to the doors and rear deck to reduce vibration. We make good incomes ($250k+ combined) and could easily afford a nicer new vehicle. However, we decided at an early stage in our marriage that we valued financial security and freedom above having things society thinks we should have. We are approaching a $1M net worth at such an early age due to this and other frugal lifestyle habits. Meanwhile tons of people I know my age who have similar incomes are living paycheck to paycheck because of humongous lifestyle inflation. It's also SO nice not worrying about scratches and dents on my car from living in a city. Zero stress whatsoever.

[@JohnGrayFinance]

I can relate to the not worrying about dents and scratches part. I need to get on your level and update my Corolla with a few creature comforts, that’s honestly all it’s missing. Thanks for sharing this, I’m not as far along as you are in my financial journey but it’s great to hear from someone who has gotten results with some of the actions I’m already taking.

[@justthebrttrk]

@ just upgrading your speakers and properly adding vibration dampening to them and your doors makes a huge difference! Next best upgrade is probably a new stereo and then a subwoofer. You can keep it under $500 easily for a super solid quality of life upgrade. I recommend crutchfield if you do it, they make up all of the wiring harnesses for you and include speaker brackets that work specifically with whatever car you have, it's awesome!

[@leandrorios4321]

Solid

[@patrickboyd3364]

Brought a 2008 Toyota Highlander with 132,00 miles, after my 2009 Acura TL SHAWD took a dump and I refuse to spend $3,000 in repairs on a vehicle that already had around 250,000 miles, sold my Acura for $3,500 and used that money to buy my Highlander, the last time I owned a Toyota was in 1995 that's when I bought a used 1989 Camery LE, and I drove that Camery into the ground before getting rid of it in the early 2000s

[@michaeldwyer977]

We make about 250k combined too. Both drive paid off cars 2010 Honda fit 147k and a 3017 Nissan rogue 103k miles. It’s really sad to see people who make 30-50k a year take on 500-700 car payments over 5 years. Good people making bad financial decisions.

[@TreeofLife_111]

I'm grateful I have a 2005 Honda! I'm riding it until then wheels fall off!!

[@Servingahigherpower]

lol so funny mine is 2006 no payment for 17 years love it

[@michellebakic4202]

Keep it serviced and it will go for ever

[@neyon1330]

Corollas and camrys are like the cockroaches of the road they never die

[@JohnGrayFinance]

Legitimately, it’s crazy

[@DeeJay-t7u]

I drive a 2012 Camry with 222k

[@BoringDad1272]

Love the analogy 😅

[@ingothitrust5248]

Fellow '07 owner here too. Just broke 100k miles last month. My father gifted this vehicle to me as a present for graduating from college before he passed away, so it holds enormous sentimental value. I paid it off in 2010 while working 2 jobs while we were still reeling from the '08 recession, but haven't had a car payment since. Although now, it looks like I got it off a junkyard sale, it's been there for me through blizzards, some good times in my life, and some really bad times in my life. But it has always worked and gotten me safely from point A to point B. Thanks to not having a car payment, I have an 8 figure net worth now (the pandemic turned out to be a huge blessing for me financially and my car played an enormous role in getting me there). I'll be driving this thing til the wheels literally fall off.

[@snowleaf001]

Awwww my deepest condolences but youe dad is still with you! Still supporting you! That's a blessing 🙌 🙏🏼

[@mastpg]

You drive

[@jacquesviau6165]

Rollas 07 standard shift are the best . Currently driving one with 214000 kms. Just turn the ignition key and take off. Winter or not the car just start it is my energizer. -40 Centigrades Thanks lord I can maintain it myself buy excellent brakes I use only Toyota OEM’s. I drove Mtl -Ny-Toronto in winter time . The only thing that is killing me is rust. Rock on rollas

[@johnm-qm2cp]

Not long before my dad passed away he bought a brand new 2007 Corolla S. I inherited it and it was crazy cheap to maintain and great on gas. Unfortunately one day I was coming back from a trip out of state and a teen girl not familiar with driving in the rain slammed me into the barrier and totaled it. Still drive a Toyota…… just now a Sequoia (the family truckster) after I got married and started having kids.

[@raymond_sycamore]

Best car! Love it! I have a 2003 Pontiac Vibe I bought for $1,400 cash! Helped me get out of debt and get my finances in order! I just bought a new truck and have a payment again, but it helped me in my time of financial insanity. Everyone should drive a beater for a while.

[@greyhoundude6112]

Your 2003 "Pontiac Vibe" is actually a Toyota Matrix with a Pontiac badge. Pretty much everything under the hood is a Toyota part. The Vibe is a pretty great car posing as a "beater." No surprise at all that it's still going strong.

[@kanagawa85]

Vibe and Bonneville gxp are very underrated vehicle. Those Pontiac help me get through for a good decade

[@rayemanuel7460]

Great video! I sell new cars for a living and can't believe the high car payments some people take on. As for me, I'm all about financial security and enjoying my life. I drive two paid off Corollas, a 2004 and 2012. Combined mileage of 345K miles. Found out a long time ago that the only person who cares what I drive is me.

[@JohnGrayFinance]

Very well said. You’re absolutely right.

[@kwebb4078bn]

Lol I have a 04 Highlander with 215k on it and a 13 Corolla with 270k on the clock. No check engine light on the Corolla. Although, the Corolla is on its second transmission. So it’s like a new Car again.

[@timl998]

​@@kwebb4078bnwhen did u buy the Highlander and for how much? Also some people say a new transmission will basically be a junk car bc it will have problems

[@kwebb4078bn]

@@timl998 lol I guess you have to stop listening to people huh ? a broken car is a junk car. Therefore, a new transmission that doesn't have any issues is better than having a car that doesn't move. Furthermore, it is not a junk car lmao.

[@timl998]

@@kwebb4078bn the new transmission will break stuff

[@rogerhilberg9404]

I have 2007 Corolla and I just love it !! its like a old friend that won't let you down!! has 154000 miles!! and runs so nice. no rust and what ever it needs it gets!!!! I really enjoy driving it!!

[@darrellb4305]

The problem is once u get in this mindset u never go back lol I keep me a paid off Toyota and when they die I just get another one !!!! I’m on my third Avalon and my has a Camry

[@variousrebuilds]

My parents purchased me a new 2007 Corolla S in 2010 when I was high school. I drove that car after college and into my career until about the age of 26 when I purchased a Mercedes CLS 550 cash. I still own that Corolla and it has 285,000 miles on it. The only part i’ve had to replace besides maintenance on it was a starter. Still original alternator, power steering pump, radiator etc. A naturally aspirated 4 cylinder Toyota engine (1fzee) is just a perfectly designed engine. It will go even further. My parents purchasing this car for me set me up to now be 33, own 4 vehicles and STILL don’t have a car payment. I won’t give it up

[@winstonmiu]

I would be happy to buy one of these as a souvenir! Comfortable, efficient, and reliable! They’d be very fun to drive with a manual.

[@ShieldsMedia1]

Amazing my brother! 1999 Toyota Camry checking in! Thanks for sharing your story man! Blessings to you and your wife! Stay debt free and build this wealth out here 👊🏿

[@nestor.valentino]

I drive an 06 Cadillac CTS with 148k kms. Paid off, cash. Working towards debt freedom and getting off the pleasure treadmill. It's never ending

[@RyansuBike]

Driving a 2004 Nissan Sentra, it currently has 133,000 miles and I am looking to get to 200K, I get the regular maintence done and I have had the (very) occasional $500 repair but it does its job and I smile each month as a max out my IRA contribution. The car also has some sentiment for me as it was the last new car my Mom and Dad bought and I bought it from my mom when she decided she was ready to quit driving in 2018. Debt free life!

[@moisdawg]

I’ve been carless for over a year now, so that I could save and figure out what to do. I’ve been on the verge of financing a cheaper car (honda civic or toyota corolla) but it’d still be a burden because I have student loans to worry about too. So, I’ve been dilly-dallying for a while. I’m honestly afraid of dealing with older cars because I have mostly bad experiences, but if I do enough research I just know i’ll be ok. You reminded me of this, so I think i’ll refresh my car search and just focus on a cheaper car for now until my debts are paid off so I don’t just go deeper into debt. I think this video was a sign that’s what I need to do right now. Thank you 🙏🏼

[@kevinkidneyy]

Toyota is the way . Paid off my 21 Tacoma 2 years ago will never go back to a car payment

[@Frkdsnbrd4103]

I own a 2003 Subaru with 167k miles on it. It just had major repairs that cost $4,700. I thought it was a lot but it's cheaper than buying another car, even used. With the repairs, I'm hoping it will drive at least another 20k miles. I ❤ my little Subura.

[@alb3978]

smart , very smart. when i only wantedand needed a daily driver i bought a 2008 corolla . at some point I had enough for a 20 year old corvette for fun, still bought it outright and its been so nice not using loans for so long, it really makes your life better. save the loans for a house. Having multiple cars owned outright is a nice feeling of insurance regardless of if one needs work done, but staying away from car loans in general is great advice. good luck!

[@dh12.]

I have over 400,000 km on my 06 matrix 5 speed and still gets about 34 mpg, but it's on its way out. Needs struts and power steering lines. My next car will likely be a camry hybrid

[@JohnGrayFinance]

Camry is great from what I hear

[@MoneyOnline2020]

My corolla 2007 It have 1 million km 😂 I live Yemen and this car the best and NO 1 her😊

[@danielp4805]

I have a 2006 4Runner with 168k Miles and a 2006 Avalon with 83k miles and I LOVED THEM!!!!!!!❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️

[@alfonsoaf6395]

Esa es una mentalidad que se debe compartir y contagiar. Las buenas decisiones, La mentalidad practica e inteligente. Gracias. Saludos desde Tijuana.

[@PopRox]

I am 21 & I drive an 03 Corolla. As much as I want a Honda Fit… I love that car lmao. Got it with 170K miles for $1500 and it’s now at about 201K. It has not started once and that was only cause oil was seeping into the spark plugs, pretty easy fix. Tint, updated stereo, clean and nice smelling interior, and just simple, regular maintenance goes a very very long way. I don’t see myself getting rid of the car any time soon.

[@JohnGrayFinance]

Making this video has shown me that there’s more people than I thought riding in their older reliable cars.

[@dh12.]

Had two honda fits 585 kms 5 spd And over 400 kms automatic. Definitely get the 5 spd

[@PopRox]

@@JohnGrayFinance well I’m biased cause as a car enthusiast I hate newer cars, just too much tech and BS going on all at once. Not easy to fix whatsoever. Plus, older cars are cheaper in the long run.

[@PopRox]

@@dh12. yeah I definitely want the 5 speed once I move out of the city. Stop and go on a manual is a workout lol

[@michaeldwyer977]

I bought a 2010 Honda Fit with 14k miles in March of 2014 for 9900. Coming up on 11 years of ownership and it now has 148k miles. Never put a penny into a repair, only regular maintance (oil, transmission and coolant changes, spark plugs, battery, tires, brakes). My wife had a car payment and I talked her into paying off the last 5 years in 1 year. She has a 2017 Nissan rogue with 103k miles. It’s nice paying 400 every 6 months for the state minimum on both cars and about 100-120 a month in the maintaine listed above.

[@kellmarktv]

The algorithm is crazy! great video, btw . Love my 03 camry ✨️👌🏽

[@gildardomagallon]

Axle replacement is due to the wear from driving. I just changed one at 280k.

[@JohnGrayFinance]

Ah ok, natural part of the process then.

[@niacal4nia]

My 2007 Toyota Matrix with 165k still has the original starter, and alternator. I do my own oil change & services. And I get tires & batteries from Walmart. It's cheaper to buy tires than getting alignment.

[@stevenlavery3976]

Hi John i am Steve from United Kingdom Toyota (as well as Honda) have a reputation over here to. As long as they are serviced/maintained regularly (keep service history up to date) they keep running, running and running.

[@RogerAllen-pn5hl]

300000 on my 2007 Corolla Been trouble free

[@dosbaggos5575]

320,000 on my 2003; What fun when the odometer hit 299,999 🤣🤣🤣

[@JohnGrayFinance]

I’m going to be using mine in a driving job soon so I’m curious to see how many more miles I can go with it.

[@dosbaggos5575]

I live in California; Catalytic converter is shot; smog check due in 3 months. Damn state!​@@JohnGrayFinance

[@Therocksteadycrew1]

Those corollas will run forever 😊 cars are a depreciating asset!

[@AnimeBeefRandoms]

Good choice! Even better choice would have been 90s corolla! Also may want to look into testing the battery / getting a new one. Easy job to do yourself.

[@JohnGrayFinance]

I should have mentioned that we did actually replace the battery once. But even that was cheap. Dang people still drive 90s corollas? That’s impressive

[@AnimeBeefRandoms]

@@JohnGrayFinance The only thing that can stop a Toyota is rust and poor maintenance. But ya, reliable, cheap to run, cheap to insure, and cheap to fix is what it's all about.

[@RD-qp3mu]

Yep, dont care what other people think. Dont need car stress and unnecessary debt in your life. Millionaires often drive toyotas.

[@dosbaggos5575]

299,999 the fun starts🤣

[@GeometryWars]

Yup! The odometer stops lol

[@GeometryWars]

2007 Corolla S driver here,

[@jesusgonzalez6751]

Corolla! Best car in the world😂in my country people use it as public transportation, all of them from the 80s, 90s and ealry 2000s! They run the whole day, carrying people around the city, I have never seen one being pulled by a tow truck.😅

[@jeretso]

If you invest $700 every month for 20 years at a 7% return, it will be worth $364,665.

[@JohnGrayFinance]

Bingo

[@json5467]

My 2006 Corolla ce refuses to die.

[@ed209D]

Bravo Sir!.. be advised Corollas are a lot better than you think! A factory new 1.8l Corolla engine is basically a 500k motor 😮! Use synthetic oil & change it every 4k miles, change transmission fluid every 30k miles, flush coolant 30k miles ( it won't become acidic & eat your head gasket up) flush brakes as recommended. You'll be surprised just how long that car can last 👍

[@JohnGrayFinance]

Thank you for the advice!

[@thedream1015]

Amazing I drive a 2004 camry with 248k miles

[@gildardomagallon]

car payments are ridiculous

[@stanleylee3371]

Given you’re in Minnesota, I think the biggest threat would be rust.

[@JohnGrayFinance]

Definitely. There are some spots that have rusted, not anything significant but it’s happening.

[@R20-d4t]

@@JohnGrayFinance wire brush or scrape off the loose rust, apply a rust converter like Corroseal and then cover it with fluid film. Coat the whole under carriage with fluid film... no more rust problems.

[@R20-d4t]

@@JohnGrayFinance you can buy cans of fluid film for cheap at autozone.

[@stephencampbell9202]

Toyota Avalon 2002🎉

[@bawxofchawclets4836]

I have a 137k mile 97 Toyota rav4(too old) good car just need so much maintenance 1100 with an under a year of ownership. If I didn’t know how to work on cars I would be under if I had to take it to a shop.

[@dejoy9872]

Toyota Corolla 2004-2008 is the most reliable and the most fuel efficient car in the world. This car can take a beating and still deliver. Toyota over-made this Corolla. They've learned to make them less reliable now. Buy this car as a back up. It will not disappoint you.

[@kevinkidneyy]

Shit my wife had a 03 with 300k 😂Corolla a beast

[@tristant6764]

It’s an early 2000s Toyota man, obviously everyone knows Toyotas are reliable but 90s and 2000s Toyota you cannot kill them, had a 01 is300 195k 02 at 228k 11rav4 at 150 never had a check engine light and looking into getting a 1st gen tundra w over 300k still kicking strong, if you want a car to last 15-20+ years even more get a Toyota the old ones are built like tanks

[@timl998]

Where do u live in mn

[@JohnGrayFinance]

Little Falls

[@timl998]

@JohnGrayFinance how did u find the car?

[@JohnGrayFinance]

@timl998 we bought it from a Toyota dealership, Rudy Luther Toyota I think?This was in late 2016 closer to the cities so used cars weren’t nearly as hard to find.

[@timl998]

@@JohnGrayFinance looking for a car near Minneapolis area and within 1 hour driving distance of that . Everyone says dealers are a rip off. Where can I find a car under 10k? Do you prefer Craigslist?

[@thebullfrog24]

You only have 133,000 miles on that car. The first 100k on a toyota is just the warm up period lol

[@JohnGrayFinance]

😂🤣that’s a good point!

[@1MinuteFlipDoc]

wise! cars are not an asset! they are a money suck only! LOL